The Cajun Express News

Transocean announced its intent to retire the ultra-deepwater floaters GSF Jack Ryan, Sedco Energy, Sedco Express, Cajun Express, and Deepwater Pathfinder, and the deepwater floater Transocean Marianas. The rigs will be classified as held for sale and will be recycled in an environmentally responsible manner. All six rigs were previously cold stacked. The company will recognize an impairment charge of approximately $1.4 billion during the third quarter of 2017 associated with these actions. “We continue to enhance the quality of our fleet through the addition of new, high-specification assets, and the retirement of older, less competitive rigs,” said Jeremy Thigpen, President and Chief Executive Officer.

Transocean Ltd. issued a monthly Fleet Update Summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since October 15, 2014. The total value of new contracts since the October 15, 2014 Fleet Status Report is approximately $83 million. - Discoverer Enterprise - Awarded a one-well contract extension in the U.S. Gulf of Mexico at a dayrate of $399,000 ($32 million estimated backlog). The rig's prior dayrate was $615,000. - GSF Galaxy III - Awarded a four month contract as an accommodation unit in Denmark at a dayrate of $175,000 ($23 million estimated backlog). The rig's prior dayrate was $160,000.

Cairn together with its joint venture partners have announced that the FAN-1 exploration well, offshore Senegal, has discovered oil. The well, located in 1,427 metres (m) water depth and approximately 100 kilometres offshore in the Sangomar Deep block, has reached a Target Depth (TD) of 4,927 m and was targeting multiple stacked deepwater fans. As stated prior to the commencement of operations there are no plans for immediate well testing. Further evaluation will now be required to calibrate the well with the existing 3D seismic in order to determine future plans and optimal follow up locations to determine the extent of the discovered resource.

Offshore contract drilling services provider Transocean Limited's monthly Fleet Update Summary includes new contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since November 18, 2013. The total value of new contracts since the November 18, 2013 Fleet Update Summary is approximately US$292-million. Cajun Express - Awarded a six-well contract at a dayrate of $495,000 ($181 million estimated backlog). The rig's prior dayrate was $600,000.

The company's update includes new contracts, significant changes to contracts, & changes to estimated times out of service. Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services. The value of new contracts or extensions since the January 17, 2013 fleet status report is approximately $530 million. Estimated 2013 out of service time increased by a net 136 days, including 90 days associated with rig maintenance on the Cajun Express and 75 days due to shipyard acceleration into 2013 from 2014 on the GSF Galaxy I.

Transocean Ltd. (NYSE:RIG) announced that the Board of Directors of Petroleo Brasileiro S.A. (Petrobras) has approved the award of a three-year contract for the ultra-deepwater semisubmersible rig Cajun Express for operations in Brazil. Petrobras has the right within one year of contract execution to convert the three-year contract to a five-year contract. Estimated contracted revenues related to the three-year contract term and five-year contract term, if elected, are approximately $558.5m and $894.3m, respectively, depending on the date of execution of conversion. Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period…

Transocean Sedco Forex Inc., announced that it has been awarded new contracts for its high-specification semisubmersible rigs Cajun Express and Sedco Express. Ocean Energy Inc. for ultra-deepwater drilling operations on the company's South Titan prospect located in approximately 6,200 feet of water in the U.S. Gulf of Mexico. The contract should commence following the completion of the rig's current drilling assignment with Ocean Energy in the U.S. Gulf of Mexico. Revenues to be generated over the estimated 40-day contract period could total approximately $6 million. The Sedco Express has been awarded a three-well, estimated 130-day contract from a unit of BP for drilling operations in the Eastern Mediterranean offshore the coast of Egypt in waterdepths between 2,600 feet and 3,280 feet.

SembCorp Marine has signed a Sale and Purchase Agreement with PPL Holdings Pte Ltd to acquire a 50 percent equity stake comprising 10,000,000 shares of $1.00 each in PPL Shipyard Pte Ltd. (PPLS) for $16 million. PPLS' business is primarily in oil rig and vessel construction as well as steel fabrication. It has recently secured a contract for the construction of two jack-up drilling rigs, each having a value of $125 million, from Sante Fe International Corp., with a construction period of 24 months for each rig. There are also options for four additional jack-up drilling rigs to be built for Sante Fe International Corporation. Last year, PPLS delivered a semi-submersible drilling rig named Cajun Express to U.S. offshore drilling company, Transocean Sedco Forex Inc.

Washburn & Doughty Associates launched a 186 ft. offshore casino vessel for Cajun Express, Inc., of Boston, Mass. Hull 65, yet to be named, is the largest vessel built by Washburn & Doughty, edging out 185-ft., Great Point, an 800-passenger vessel running from Hyannis, Mass. The new vessel is a lengthened and widened version of 162-ft. Big M Casino, which was delivered to Cajun Express in July, 1996, and now operates out of Fort Myers, Fla. Specifically designed to handle offshore conditions with heavy gaming equipment on board, Hull 65 measures 186 x 38 ft., with a 7.5 ft. draft. It will carry a minimum of 500 passengers and 72 crew. The vessel's anticipated running speed is 15 knots, making for a quick trip to gaming waters.

Washburn & Doughty has signed a contract with Cajun Express, Inc., of Boston, to build a 186-ft. offshore casino boat. Hull 65 is the second vessel to be built by Cajun Express at Washburn & Doughty. The first, Big M Casino, is operating out of Fort Myers, Fla. Hull 65 wil be a longer and wider version of the first vessel, and was designed by Washburn & Doughty and John W. Gilbert Assoc., Inc. It was designed specifically to handle off-shore conditions with heavy gaming equipment aboard. Hull 65 measures 186 x 38 ft., with a 7.5 ft. draft. It will carry a minimum of 500 passengers and up to 72 crew. The vessel will be powered by two Caterpillar 3508B DIT main engines rated at 1,100 bhp @ 1,800 rpm.

Singapore's Promet Private Ltd. (PPL) Shipyard completed construction of a $250 million semi-submersible oil drilling rig for offshore drilling contractor Transocean Sedco Forex. The rig, Cajun Express, was designed by Sedco Forex. The rig will be delivered to TSF in March and used by Marathon Oil for drilling in the Gulf of Mexico.

Measuring 175 ft. in length, dinner cruise vessel Starship was recently delivered to Starship Cruise Lines of Biloxi, Miss. Boasting a mega-yacht style, the vessel was designed by Naval Architects Dejong & Lebet of Jacksonville, Fla., and constructed by Freeport, Fla.-based Freeport Shipbuilding. Plachter-Vogel Design provided interior architecture. USCG-Certified under Subchapter K for 600 passengers, plus 30 crew, Starship carries a Stability Letter for Partially Protected waters. The vessel is designed to have a 5-5.6 ft. full load draft enabling it to access some of the Biloxi area's more shallow waterways. The hull features tunnels to allow large enough propellers while minimizing the draft.